A quick guide to business insurance

Deciding which business insurance you need is not the most exciting part of running a business, but it’s important that you get it right.

Here’s a quick summary of the different types of business insurance available:

Employers’ Liability:

Compulsory if your business has employees, employers’ liability insurance covers the legal costs and the cost of compensation if you are held liable for an injury or illness to an employee of your business.

Motor Insurance:

It is a legal requirement to take out motor insurance if your business has vehicles.

Professional Indemnity Insurance:

Covers the cost of compensation to clients if your professional advice causes them to lose money. It is compulsory for certain professions including solicitors, accountants, financial advisors and surveyors.

Public Liability Insurance:

Covers claims against you or your business from third parties for bodily injury and property damage as a result of your business activities.

Property Insurance:

This covers damage to your business property, i.e. the contents of your office, shop, warehouse or any other business premises, and any buildings that you may own.

Business Interruption insurance:

Covers the loss of income and/or additional expenditure whilst your business premises or property is out of action as a result of damage.

Directors and Officers Insurance:

This covers damage to your business property, i.e. the contents of your office, shop, warehouse or any other business premises, and any buildings that you may own.